Who’s Walking the Net-Zero Path?
Introducing the inaugural Net Zero Finance Report Card, produced by the Centre for Climate Finance & Investment (CCFI) at Imperial College Business School, in partnership with the Carbon Tracker Initiative (CTI).
A growing number of financial institutions worldwide are having a positive impact on tackling catastrophic climate change in line with scientific targets, with nine out of 50 companies making significant inroads.
Authors Dr Iva Koci, Jean Sau and Amy Owens have assessed the credibility of institutions’ climate commitments and actions based on evidence-based criteria and principles set by the UN Race to Net-Zero and the International Energy Agency’s net-zero by 2050 scenario. The findings are revealed in a new report designed to set an industry standard for driving sustainable change across the financial services sector.
The study scored financial companies according to whether they had explicit policies on eradicating financing for fossil fuel expansion or investment from their operations, as well as assessing the extent to which they had accomplished their aims. Nine institutions were given a Gold award for their efforts out of the 50 institutions assessed.
The Gold award recipients highlighted in the report are:
- Akademiker Pension
- Danske Bank
- Generation IM
- La Banque Postale
- New York City Retirement Systems (NYCERS, TRS, and BERS)
- Sarasin & Partners
"We see these awards as an assessment of financial institutions’ resilience – and leadership of their management -- at a time of great and growing disruption of the incumbent fossil fuel system."
- Dr Iva Koci